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USDMXN Unwinds Friday Move Lower

MEXICO
  • USDMXN has spent the overnight session unwinding Friday's move lower, up around 0.6% since the open and once again residing at 20.00 The only notable data this week will be released today.
    • 1200BST/0700ET May Industrial Production SA m/m (Est 0.4%, Prior -0.2%)
    • 1200BST/0700ET May Industrial Production NSA y/y (Est 36.7%, Prior 36.6%)
    • 1200BST/0700ET May Manufacturing Production NSA y/y (Est 50.2%, Prior 52%)
    • 1800BST/1300ET June Formal Job Creation Total (Prior 39k)
  • Finance Minister Arturo Herrera told Reuters that the global deal to revamp taxation of multinational companies should easily win approval from Mexico's Congress because it will expand the country's revenue base, but consideration will likely wait until September 2022.
    • Herrera said in an interview on the sidelines of this weekend's G20 finance leaders meeting in Venice, Italy that the OECD tax deal was a "no brainer" for Mexico. (NP)

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